What are Closing Costs?
There are certain standard costs related to closing the sale of a house. Sellers and buyers usually split these costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Longhorn Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always predict costs to the penny. We answer questions about these costs every day at Longhorn Mortgage, so please be sure to contact us if you have questions.
Below is a generic list of closing costs. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Longhorn Mortgage, we answer questions about closing costs every day. Give us a call at 512-302-9410.
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